Sikkim has great infrastructure for both new and existing businesses, and the state presents great opportunities and potential for new businesses, that can be profitable as well. And, Sikkim is one of the fastest-growing states in India, and has favourable agro-climatic conditions, which support agriculture, horticulture and forestry.
It’s important to note that this tiny Himalayan state of Sikkim, in recent times, has seen a major boost in the entrepreneurship ecosystem. Entrepreneurship is the need of the hour as it allows the enterprising youths of Sikkim to forge ahead with a variety of business ideas.
Focusing on this, Sikkim Entrepreneurship and Economic Development’ (SEED) Cell was launched to give a boost to entrepreneurship. SEED includes entrepreneurs who want to make their business ideas a reality, that is lined up to impact the economy. They are indeed, committed to create a successful ecosystem.
Here are some government incentives and schemes in Sikkim.
Prior to the Government of India initiating the “Micro, Small and Medium Enterprise Development Act”, the focus was mainly to help the local entrepreneurs establish their own enterprise.
> North East Industrial and Investment Promotion Policy (NEIIP), 2007
The Government of India introduced a package of fiscal incentives and other concessions for the North-Eastern region including Sikkim namely, ‘ The North East Industrial and Investment Promotion Policy (NEIIP), 2007’, effective from 1st April, 2007. This was directed at offering large number of incentives/ subsidies like – Excise Duty exemption, Income Tax exemption, Capital Investment Subsidy, Interest Subsidy, etc.
The Ministry of Commerce & Industry, Government of India approved the establishment of Growth Centre at Samlik-Marchak and Namli in East Sikkim, with both the State and the Central Government contributing towards its growth and development. The basic need for establishing such a centre, was to encourage investors to invest and develop Sikkim into an investor-friendly state, which would in due course, lead to economic development and prosperity.
> Chief Ministers Startup Scheme (CMSS)
We all know that this is Government of India’s flagship initiative to promote a robust startup ecosystem in India. Startup India Hub is a one-stop platform for all stakeholders in the Startup ecosystem – to interact, exchange knowledge and form successful partnerships in a highly dynamic environment.
> Skilled Youth Start Up Scheme (SYSS)
The issue of creating employment is a matter of great concern in Sikkim. With a vision to reduce unemployment and create adequate self employment opportunities in the long run, the Government of Sikkim set up the Skilled Youth Start Up Scheme. The Scheme is intended to generate equitable entrepreneurial opportunities in rural as well as urban areas of the state, particularly among the educated unemployed youth.
The main objective is to promote entrepreneurial qualities amongst the local unemployed youth and encourage them to set up any commercially viable/ bankable business venturess in any sector including agriculture/ horticulture/ food processing/animal husbandry/ handloom & handicrafts/ retail/ tourism/ services/ manufacturing etc. in the state. It aims to generate equitable entrepreneurial opportunities in rural as well as urban areas of the state, by setting up of new self-employment ventures/projects by providing one-time non-refundable financial assistance. The scheme is applicable to all areas in the state including rural and urban areas.
> ‘Aama Yojana’ and ‘Vatsalya Yojana’
As Sikkim Chief Minister P S Tamang hoisted the national flag this year, at Bhaichung Stadium in Namchi on the occasion of the 75th anniversary of the country’s Independence, he also announced schemes for the welfare of women in the mountain state. He announced the launch of ‘Aama Yojana’ and ‘Vatsalya Yojana’ emphasizing that the Sikkim government is working continuously for the welfare of women.
Under Aama Yojana all unemployed mothers in the state will recieve Rs 20,000 annually which will be deposited in their bank accounts. Under the Vatsalya Yojana an aid of Rs three lakh will be provided to childless women for in vitro fertilization treatment; and the Vatsalya Yojana will cover women in government jobs through the health department and others through Chief Minister’s Medical Assistance.